ARDX · Ardelyx, Inc.

Ardelyx delivered robust Q1 2026 results with total product revenue reaching $93.4 million, a 38% increase from $67.8 million in the prior year quarter, primarily fueled by IBSRELA's 58% growth to $70.1 million from heightened demand including more writers, new and refill prescriptions, and improved pull-through. XPHOZAH contributed $23.3 million, supported by a strong rise in paid prescriptions despite a slight year-over-year dip adjusted for returns. Management highlighted continued commercial execution, with CEO Mike Raab emphasizing IBSRELA as the cornerstone product on track for blockbuster status targeting $1 billion in 2029 revenue. Operating expenses rose 25% to $127.3 million, driven by R&D investments in the ACCEL Phase 3 trial for chronic idiopathic constipation (dosed first patient in January 2026, enrollment by end-2026, topline H2 2027) and SG&A to boost IBSRELA adoption, resulting in a narrowed net loss of $37.6 million or $(0.15) per share versus $41.1 million or $(0.17) last year. Cash stood at $238.1 million, down from $264.7 million at year-end but providing flexibility for pipeline advancement including pediatric IBSRELA trials and IND-enabling studies for RDX10531. The company reiterated full-year guidance of $410-430 million for IBSRELA and $110-120 million for XPHOZAH, signaling confidence in sustained momentum. Additional developments include executive hires (Rajani Dinavahi as CMO, Felecia Ettenberg as CLO), debt refinancing with SLR Investment Corp for better terms, and a LPGA partnership for digestive health education, all positioning Ardelyx for long-term value creation amid a strong financial position.